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ATS Reports Second Quarter Fiscal 2015 Results
ATS Automation Posted 11/06/2014CAMBRIDGE, ON - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today reported financial results for the three and six months ended September 28, 2014.
Second Quarter Summary
- The Company completed its acquisition of M+W Process Automation GmbH and ProFocus LLC (collectively Process Automation Solutions or "PA") on August 29, 2014;
- Revenues from continuing operations were $207.0 million, 34% or $52.4 million higher than a year ago. Excluding acquired businesses IWK and PA, second quarter revenues were $150.8 million;
- EBITDA1 was $22.7 million (11% EBITDA margin), compared to $17.6 million (11% EBITDA margin) in the second quarter of fiscal 2014. Excluding $7.1 million of acquisition related costs, second quarter 2015 EBITDA was $29.8 million (14% EBITDA margin). Second quarter 2014 EBTIDA was $18.5 million (12% EBITDA margin) normalized for $0.9 million of acquisition related costs;
- Adjusted earnings from continuing operations1 were $27.0 million (13% margin), compared to $16.3 million (11% margin) in the second quarter a year ago. Earnings from continuing operations were $14.1 million (7% operating margin), compared to $14.4 million (8% operating margin) in the first quarter of fiscal 2015 and $14.4 million (9% operating margin) in the second quarter a year ago;
- Adjusted basic earnings per share from continuing operations1 was 19 cents compared to 14 cents in the second quarter a year ago. Earnings per share from continuing operations was 8 cents basic compared to 12 cents basic a year ago primarily due to amortization and acquisition related costs;
- Order Bookings were $216 million, a 96% increase over the corresponding period a year ago. Excluding the impact of IWK and PA, Order Bookings were $172 million, 56% or $62 million higher than a year ago;
- Period end Order Backlog was $561 million, up 58% from $355 million in the second quarter a year ago. Higher Order Backlog reflected higher second quarter Order Bookings, and the addition of IWK and PA;
- The Company's balance sheet and financial capacity to support growth remained strong, with unutilized credit facilities of $337 million and $12.5 million of credit available under letter of credit facilities.
ATS Automation provides innovative, custom designed, built and installed manufacturing solutions to many of the world's most successful companies. Founded in 1978, ATS uses its industry-leading knowledge and global capabilities to address the sophisticated automation systems' and service needs of multinational customers in industries such as life sciences, transportation, energy, consumer products and electronics. It also leverages its many years of experience and skills to fulfill the specialized automation product manufacturing requirements of customers. ATS employs approximately 3,500 people at 27 manufacturing facilities and 47 offices in North America, Europe, Southeast Asia and China. The Company's Solar segment is classified as discontinued operations. The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA.